Dealmaker: Staley Point Capital, Bain Capital Real Estate Acquire $47M in Industrial Assets

Staley Point Capital, Los Angeles, and Bain Capital Real Estate, Boston, acquired two industrial assets for $47.3 million.

In Santa Fe Springs, Calif., the venture paid $12.8 million for 11804 Wakeman Street, a 55,000 square-foot industrial infill property. The $233 per square foot acquisition is the joint venture’s third investment in the Santa Fe Springs area.

Greenberg Traurig LLP served as Staley Point Capital’s legal counsel for the transaction. DAUM Commercial represented the seller and JLL Capital Markets will arrange the financing.

Vacancy in the Santa Fe Springs submarket is well below 1 percent due to the supply-constrained Mid-Counties market for industrial tenants. 11804 Wakeman Street has direct access to the rest of Los Angeles County via the I-5 and I-605 freeways and is near major logistics centers including Long Beach Airport (8 miles) and the Ports of Los Angeles and Long Beach (20 miles). Combined, these ports rank ninth in the world both by dollar volume and the tonnage of goods distributed and regional port activity was up 74 percent in May from a year before as the economy continues to recover from the global pandemic.

11804 Wakeman Street is the joint venture’s seventh acquisition since launching in September 2020. Most recently, Staley Point and Bain Capital Real Estate purchased 2700 California, a 135,000-square-foot industrial infill property in Torrance, Calif., for $34.5 million.